Can you imagine that the price of one liter of petrol could be equivalent to that of a toffee or a matchbox? Even today, fuel prices are so low in many countries of the world that it becomes difficult to believe. Especially in Gulf and oil rich countries, governments give huge subsidies to their citizens. Let us know what is the mathematics of petrol prices in the world and Gulf countries.

cheapest petrol in the world

Fuel prices have a direct impact on the economy of any country and the pocket of the common man. While in countries like India, petrol prices remain at or around Rs 100, there are some countries in the world where the price of petrol is just Rs 2 to 3 per liter or even less.

price of petrol in iran

Iran currently remains on top in terms of providing the cheapest petrol in the world. The price of petrol in Iran is approximately between Rs 2.50 to Rs 3 per liter. The reason behind such low price is the strong subsidy policy of the Iranian government. However, for Iran this has become a boon as well as a problem. Due to low prices, smuggling of petrol to neighboring countries has increased. To stop this, the government has now implemented the ‘quota system’, under which those who use more than 160 liters per month have to pay a higher price.

oil prices in libya

The name of Libya comes at second place. Being a member of North Africa and the Arab League, petrol is available at an average price of Rs 2.64 per liter in Libya. This country, rich in oil reserves, provides fuel at the cheapest rates globally to provide economic relief to its citizens.

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Venezuela slipped from the top

There was a time when Venezuela was the undisputed country providing cheapest petrol in the world, but now it has come to third place. The price here is approximately Rs 3 per litre. Quota system is now implemented in Venezuela also, where subsidy is available only for the first 120 liters of the month. If a citizen takes more petrol than this, he may have to pay up to Rs 40 per liter ($0.50).

Who is at the forefront among the Gulf countries?

Talking about Gulf Cooperation Council (GCC) countries, Kuwait is the cheapest petrol providing country in this region. The price of petrol in Kuwait is around Rs 29 to 30 per liter. After this the order is as follows-

Iraq- Around Rs 29-30 per liter

Bahrain- Around Rs 31-32 per liter

Queue- Around Rs 48-49 per liter

Saudi Arabia- Around Rs 50-51 per liter

Oman- Around Rs 53-54 per litre.

Countries like Saudi Arabia and Oman have cut subsidies in recent years to diversify their economies, causing prices here to be slightly higher than in Kuwait.

Situation in India and neighboring countries

If we talk about India’s position in the global list, India comes at 73rd place. Petrol prices in different states of India remain between Rs 94.77 to Rs 105 per liter. In comparison, petrol is much cheaper in our neighboring country Pakistan. The prices there are around Rs 80 to Rs 84 per liter and it is ranked 36th in the global list. At the same time, fuel is also very economical in the African country Angola, where the price is around Rs 27 per liter.

The main reason for such a huge difference is the tax structure of the countries and the capacity to produce crude oil. While Gulf countries produce their own crude oil, India imports more than 80% of its requirement.

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